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Lotus of Lake Wales LLC

Lake Wales, FL · Full-Service Restaurants · NAICS 722511

Lotus of Lake Wales LLC is a full-service restaurant business located in Lake Wales, Florida. The company was financed with an SBA 7(a) loan for a change of ownership of $1,191,000, approved on August 21, 2024, through Colony Bank.

SBA 7(a) loan, change of ownership, approved Aug 21, 2024

$1,191,000 approvedLender: Colony Bank10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$1,191,000
SBA-guaranteed amount
$893,250 (75% of the approval)
Lender
Colony Bank, Fitzgerald, GA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11.25%, variable
Term
10 years (120 months)
Estimated maturity
August 21, 2034 (estimated, approval date plus term)
Estimated monthly payment
$16,575 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Sep 18, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
35
Business type
Corporation
NAICS
722511, Full-Service Restaurants
Project location
Polk County, FL
SBA district office
South Florida District Office
Congressional district
FL-09
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 61% of acquisition loans in Full-Service Restaurants on this site.
  • Average acquisition loan in Full-Service Restaurants: $1,319,601.
  • Average acquisition loan in Florida: $1,808,559.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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